Middleby Results Surpass Estimate, Sees Significant Investments; Stock Up 5%

(RTTNews) - Middleby Corp (MIDD) Wednesday reported second-quarter net earnings of $48.4 million or $0.85 per share, compared with $37.2 million or $0.67 per share last year.

Analysts polled by Thomson Reuters projected earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Elgin, Illinois-based Middleby makes equipment for the commercial food service, food processing and residential kitchen industries.

The company's revenue for the quarter was $424.8 million, compared with $363.8 million in the prior year. Analysts projected revenue of $408 million.

Middleby said it sees significant investments in the second half of the year to promote the display of new products on dealer showroom floors and expects to be well placed moving into 2015.

Middleby stock closed Wednesday at $72.16, up $0.39 or 0.54%, on a volume of 439k shares on the Nasdaq. In after hours, the stock gained $3.84 or 5.32% at $76.00.